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Home»Business & Industry»New Mexico Cannabis Sales Reach $300M in First Year
Business & Industry

New Mexico Cannabis Sales Reach $300M in First Year

May 22, 2023No Comments2 Mins Read
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New Mexico Cannabis Sales Reach $300M in First Year
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Grownup-use hashish gross sales in New Mexico reached greater than $300 million through the first 12 months they have been permitted, the Associated Press stories. Grownup-use gross sales started within the state on April 1, 2022 and the state has collected $27 million in hashish excise taxes because the market’s launch.

Hashish retailers situated close to its border with Texas – the most important state the place hashish stays outlawed – accounted for greater than $19 million of New Mexico’s adult-use hashish gross sales, the report says.

Medical hashish gross sales within the state totaled $187 million throughout that span.

In all, there are 633 dispensaries all through New Mexico.

The state imposes a 12% tax on adult-use hashish gross sales and lawmakers are contemplating a proposal that might create two new applications funded by hashish excise tax revenues, together with a group reinvestment grant fund and a substance use dysfunction prevention and therapy fund. Presently, all hashish excise tax revenues are despatched into the state’s basic fund and the invoice would earmark a 3rd of hashish taxes for the brand new applications.

New Mexico’s adult-use hashish gross sales in March reached a file excessive of $32.4 million via 725,572 transactions, in accordance with data from the Hashish Management Division. Medical hashish gross sales totaled about $32.4 million via 287,904 transactions.

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